Verhovayak Lapja, 1950 (33. évfolyam, 1-12. szám)

1950 / Verhovay Journal

Verhovay Journal

VOL. XXXIII. , APRIL 19, 1950 *• 51 NO. 4

MINUTES OF THE BOARD OF DIRECTORS’ MEETING

MINUTES taken at the meeting of the Board of Directors of the Verhovay Fraterna] Insurance Association, held on Monday, March 27th, 1950, and the following days, in the Verhovay Building, Pittsburgh, Pa.

Present are: Vice-President Julius Macker, directors Coloman Kolozsvary, Stephen Nyers, Joseph S. Taylor, Stephen Lang, Joseph Turner, Henry Gross, Louis Vizi, John A. Hornyak, Michael Korosy, Richard Phillips, National Officers John Bencze, Coloman Revesz, John Szalanczy and John Sabo. Vice- President Dr. Andrew Kovács could not be present at the opening of the meeting due to serious illness in his immediate family. The arrival of director Aloysius C. Falussy is expected momentarily.

1. ) National President John Bencze calls the meeting to order at 10 a.m., and extends a cordial welcome to all those present. He call^ the attention of the Board members to the significant fact that this particular meeting falls within the 65th anniversary year of the founding of the Association. He expresses his profound desire for a most successful meeting in the making of decisions ihat will advantageously affect the future course of our Association.

2. ) According to the ruling adopted by the Board at their March 1948 meeting and reaffirmed in March 1949, the terms of office of the Board Chairman and Secretary were fixed at one year. However, to fill the vacancy caused by the untimely death of the late Albert B. Ari, the present Board Chairman, Julius Macker, was elected at the' September, 1949, meeting for the balance of the term. In view of the expiration of the term, the election of a C hairman and Secretary is again taken up by the Board. By unanimous decision it is resolved to extend the term of these two offices until the September, 1951, Convention, thereby reinstalling Julius Macker as Chairman of the Board and Richard Phillips as Secretary.

3. ) Board Chairman Julius Macker expresses his appreciation of this signal honor and promises to bend all his efforts for the good of the Association.

4. ) Director Vizi conveys to the Board the sincere and heartfelt greetings of the members of Branch 59, Scalp Level, Pa., as well as those of their officers, Joseph Miller, Jr., Joseph Toth and Joseph Miller, Sr.

5. ) The Board acknowledges the letter of Gaspar Papp, member of the Auditing Committee, conveying his best wishes for a successful meeting to the Board.

6. ) The Board gratefully acknowledges messages of greetings from George Mcdok, Manager of Branch 33, Windbev, Pa , Joseph Ciboiya, Manager of Branch 174 Scranton, Pa., Joseph Szabó, Manager of Branch 443. Detroit, Mich., and the American Hungarian Federation.

7. ) The agenda as prepared by the National Officers is adopted by the Board with the proviso that additions will be made if necessary.

8. ) The combined reports of the National Officers covering in detail the operations of the Association for the past six months, are adopted by the Board subject to discussion.

9. ) Director Falussy arrives to participate in the deliberations.

10. ) The Board approves the Annual Statement as presented.

11. ) The Board separates into committees for the customary examination of the Home Offices. The committees are as follows:

Organization and planning: Directors Nyers, Lang, Korosy and Turner.

Requests and complaints: Directors Falussy, Vizi, Kolozsvary and Hornyak.

Finance, Investment and Real Estate: Vice-President Macker, directors Taylor, Phillips and Gross.

12. ) The meeting is adjourned until the completion of the examinations.

13. ) After the completion of the Home Office examinations, the meeting is called to order by Chairman Julius Macker. Vice-President Andrew Kovács, M.D., joins the Board in the proceedings.

14. ) Chairman Macker announces the arrival of Mr. Frank E. Gerry, consulting actuary, who had assumed some of the work for the Association, following the death of Mr. E. Knodel. Mr. Gerry is accompanied by Mrs. Knodel who introduces him to the Board of Directors. Mr. Gerry briefly summarizes the Association’s present situation from the actuarial point of view, explaining the various factors, as appearing in our Annual Statement, which are indicative of the soundness of the organization. He emphasizes the excellent showing made by the Association in mortality savings and the fact that our earnings on investments hawe been excellent. However, our expenses in relation to the amounts of income available for this purpose are still too high and he stresses the necessity for pursuing a policy of stringent economy for an indefinite period of time, which precludes the possibility of any dividend payments to our members in the near future. For the concise and clear explanations of the many problems discussed, the Board of Directors extend “heir appreciation to Mr. Gerry.

15. ) The Board authorizes the appointment of Mr. Frank E. Gerry as consulting actuary for the Association.

16. ) Stephen Matasy, Legal Counsel joins the Board in its deliberations.

17. ) Chairman Julius Macker calls upon the Committee on Complaints and requests them to render their report concerning the various matters put before them for investigation. The following actions are taken by the Board.

18. ) The Board adopts the committee recommendation in the matter of Ozvar Simonne of Branch 138, deceased.

19. ) The Board adopts the committee recommendation ip. the case of Frank Mor of Branch 14, and authorizes the issuance of maiming benefits to him.

2C.) The Board approves the action of the Home Office in rejecting the

claim of Stephen L. Robb, Jr., of Branch 90, for sick benefits, in view of the

D.O. medical certification of his disability. However, upon recommendation by the committee, the Board orders that the sick benefits be issued to member Robb.

21, ) The Board acknowledges the request of Branch 90. Allentown Pa.

22. ) The Board regrets but it cannot comply with the request of Louis

Kerekes of Branch 45 for the reduction of the rate of interest on bis loan, as such action would be contrary to our by-laws which clearly provide that all loans be extended on a 4% rate of interest. It would also be contrary to the insurance laws of the stale, which clearly prohibit the allowing of special advantages to one member over the rest of the membership.

23. ) Concerning the complaint of James Sera, member of Branch 189, the Board approves the action of the Home Office.

24. ) The Board regrets but it cannot comply with the request of Branch 443 to consider membership increase in the Juvenile Department as a basis for allowing sports allotment. The rules and regulations covering the issuance of sports allotment are specific in this regard, in that membership increase in the juvenile order cannot be considered in the allocation of sports allotment funds.

25. ) Adopting the committee recommendation, the Board regrets that it cannot comply with the request of Zoltán Nemeth.

26. ) Adopting the committee recommendation, the Board authorizes the painting of the portrait of the late Albert B. Ari, former Chairman of the Board, for Branch 417, Trenton, N. J., said branch agreeing to contribute toward the cost of the painting.

27. ) By a vote of six in favor and three opposed, the Board authorizes the issuance of a $100 donation to the relief fund of the American Hungarian Newspaper Federation, in recognition of the valuable services rendered on behalf of our Association by many of the Hungarian newspaper-editors. The request was made through Coloman Kaldor, President of the Federation.

28. ) Mr. Theodore Ivimey of the Moody Investment Service appears before the Board to present his views and opinions on investments in general. The Board acknowledges the valuable informat on conveyed by Mr. Ivimey and expresses its appreciation to him.

29. ) The Board acknowledges the letter of the Medical Society of the State of Pennsylvania, but regrets that it cannot comply with their request.

30. ) The Board approves the membership of the Association in the Indiana Fraternal Congress.

31. ) The Board authorizes the conferring upon John Orosz, member of Branch 152, East Pittsburgh, Pa., and one of its valued officers, the degree of “Illustrious Member” and the attendant citation with the gold service medal, in recognition of his zealous work on behalf of the Association over a period of more than 16 years.

32. ) In regards to the request of the Rev. Andrew Sebestyer for our help in promoting his new book “Kossuth,” the Board, recognizing the merit of this work, authorizes the Home Office to call the attention of our members through the official publication to this great literary work.

33. ) The Board authorizes the donation of $25.00 to the Arthrit s and Rheumatism Foundation, as an aid toward carrying on their research program for relieving the many thousands of victims of this disease throughout the country.

34. ) The Board orders that a resolution, passed upon the request of the New York State Department of Insurance, be spread upon the minutes.

35. ) The Board adepts the committee recommendation in regards to the petition of Joseph M. Toth of Branch 14, Cleveland. .0, and orders that the matter be removed from the agenda.

36. ) The situation at the Verhovay Home of Branch 14 in Cleveland, O.. still is a matter of deep concern to the Board of Directors. The reports of Vice-President Dr. Kovács and director Kolozsvary are accepted and the Board approves the release of Vice-President Dr. Kovács and Director Kolozsvary from the authority given them at the March 1949 meeting, to assume complete jurisdiction over the management of the Cleveland Verhovay Home. The action was taken over 3 dissenting votes.

37. ) The Board hears the detailed report of D'rector Aloysius Falussy concerning the activities of the American-Hungarian Relief, Inc. Although the need for European relief still exists as much as ever, nevertheless tile contributions from American sources have fallen off to such an extent that it is doubtful if effective aid still can be extended. The Board adopts Director Falussy’s recommendation that the American Hungarian Relief. Inc., assume the role of a DP Service Agency, thus continuing its program of renderingaid to the newly arrived displaced persons in this country. The Board encourages such action on the part of the American Hungarian Relief, Inc., and lends its moral support to this venture, at the same,time authorizing Director Falussy to continue representing our Association on their Board. If and when the activities of the American Hungarian Relief, Inc., should be curtailed to such an extent as to make aid ineffective, then Mr. Falussy is authorized to act independently and abandon the project.

38. ) Director Joseph Turner, on behalf of the Verhovay branches in Youngstown, Ohio, extends his cordial invitation to the Board members and National Officers to attend the forthcoming National Bowling Tournament in that city. The Board appreciates the invitation and expresses the wish that every member participate in the festivities.

39. ) The letter of Branch 33 relative to aid and assistance to striking miners is acknowledged by the Board. The idea is commendable and such aid and assistance should be considered should the need therefor arise again.

40. ) The Board regrets but it cannot comply- with the request of Branch 33 to change the Payor Benefit forms at this time. Similarly, it cannot undertake to make any changes in the production quota requirements.

41. ) The Board discusses at great length the complaint of Joseph Szabó. Manager of Branch 443, Detroit, Mich., relative to the transfer of members from one Branch to another under duress and compulsion. Since these pract'ces, if allowed to continue, may cause great harm to the branches through the depletion of their membership ranks and also destroy the branch-manager’s incentive to write new- business, the Board adopts the following resolutions: